Estate Taxes (Steinbrenner)

[sandorski]

Its been mentioned in this thread at least one that they didn't earn it:



I suspect this is the opinion of a large % of the left on this board. But again you are not addressing my question of why does the arbitrary event of his death trigger the need to tax his gains? Why not tax them while he was alive? He was 80 but could have easily lives to 100 given modern medicine. Why if he lived to 100 should the government not have had use of 50% of his money for another 20 years?

Probably because "Them" hadn't gained anything yet. Dude is Dead, his Estate getting Taxed doesn't hurt him one bit.

 

[Pens1566]

Absolutely. We should definitely take 55% of grandma's $10,000 she left to her grand kids for college. They didn't earn it. Grandpa left his 2003 Lincoln to his kids? Force them to pay 55% on what its worth if they want to keep it.

How about the parent who leaves $100,000 to his kids who cared for him the last years of his life? Thats clearly excessive. They don't deserve that money! Tax it! Hell, take it all!

Estate tax wouldn't hit those copernicus. Take your fake outrage elsewhere.

 

[shira]

So it looks like the Steinbrenner family will not have to pay estate taxes.
http://www.nbcnewyork.com/news/local-beat/Steinbrenner-Family-Exempt-From-Estate-Tax-98418909.html

Had he died next year the family would have to pay 55% meaning they would most likely have to sell the team Steinbrenner worked so hard to build to pay off uncle sam.

So.....
Should the estate tax be abolished? Should the estate tax be allowed to reset to 55% forcing families to sell off their small businesses?

If your mother saved her entire life to give her children and grand children a better life should the government force you (upon her death) to sell the family house and give the lions share to them?

Way to demagogue an issue. Even the old law wouldn't have forced mom to sell her house, unless it was worth more than $2 million (assuming mom and dad did normal estate planning). And under the Democratic proposal, estates valued at less than $10 million would be completely exempt.

Lying in an attempt to win a debate is the refuge of scoundrels. Have any more lies you'd like to spread?

 

[shira]

The main question was why should his children be forced to sell the business that he build through hard work creating one of the primer baseball teams to pay off uncle sam?

There are many small businesses that face the same problem. if you ever get off your ass and have ambition to start your own business and become successful guess what, you will be screwed when you die and try to pass along the family business.

Grandma dies and has a house that went up in value over 50 years? Oops gotta sell the family house to settle the tax bill.

Many? Why don't you inform us how many small businesses are worth more than $10 million?

 

[shira]

The main question was why should his children be forced to sell the business that he build through hard work creating one of the primer baseball teams to pay off uncle sam?

There are many small businesses that face the same problem. if you ever get off your ass and have ambition to start your own business and become successful guess what, you will be screwed when you die and try to pass along the family business.

Grandma dies and has a house that went up in value over 50 years? Oops gotta sell the family house to settle the tax bill.

Where is Grandma's $11 million house? Beverly Hills?

 

[Toastedlightly]

Fear No Evil's point isn't that everyone pays or even should pay. His point is on the morals of the tax. Is it moral to tax only one group of people? Why is it moral to tax only one group of people?

 

[spidey07]

Many? Why don't you inform us how many small businesses are worth more than $10 million?

If you had been paying attention Democrats are pushing to make it 1 million.

 

[sandorski]

Fear No Evil's point isn't that everyone pays or even should pay. His point is on the morals of the tax. Is it moral to tax only one group of people? Why is it moral to tax only one group of people?

They can easily Afford it.

 

[Pens1566]

Fear No Evil's point isn't that everyone pays or even should pay. His point is on the morals of the tax. Is it moral to tax only one group of people? Why is it moral to tax only one group of people?

1) FNE rarely/never has a point, just trolling.
2) If that is his point, then its pretty shitty as the tax code is full of one group getting taxed more than another.

 

[kage69]

Taxing a family because someone died is wrong, end of story. If the Feds want to gain tax revenue, then let's address all these corporations getting the benefits of being American but using offshore tax havens. Let's stop handing out money to countries like Pakistan and Israel.

If it stays in the family, IMO it should be hands off as far as the IRS is concerned.

 

[heyheybooboo]

If you had been paying attention Democrats are pushing to make it 1 million.

That would be incorrect.

(not a surprise)


The generally-accepted tax-free threshold is $3.5 million (which covers something like 99.3% of all estates).




--

 

[Toastedlightly]

1) FNE rarely/never has a point, just trolling.
2) If that is his point, then its pretty shitty as the tax code is full of one group getting taxed more than another.

Just because it is the social norm does not mean it is moral to do so. Do you think it is moral to do so?

 

[theeedude]

boo hoo hoo, someones jealous.

Boo hoo hoo, some dudes gonna get their inheritances taxed when tax cuts expire, boo hoo hoo.

 

[Toastedlightly]

They can easily Afford it.

So are you saying it is moral to do so?

 

[Fear No Evil]

Estate tax wouldn't hit those copernicus. Take your fake outrage elsewhere.

Do you even read your own posts? You said thats because he made 900 million to 1.5 billion (Whatever the #) it SHOULD be taxed. I asked you where the cutoff is? Because YOUR implication was that because he made SO MUCH it obviously should be taxed. So where's the point where it becomes excessive?

You completely ignored my question by claiming that normal income isn't taxed that way (It certainly is, but lets just ignore your factual inaccuracy there). So why not tax everyone's estate no matter how small? Unless you are claiming the 600k exception or whatever it is at now is the cutoff? I wouldn't know because you won't answer the question.

 

[BlahBlahYouToo]

He's dead. His kids are going to get millions tax free for doing nothing except coming out of the right vagina, while average chump gets taxed full tilt on his income working his way up. Only Republicans would advocate taxing income for doing nothing at less than you tax hard work.

life isn't fair.
too fucking bad.
stop complaining and make something of yourself instead.

 

[Fear No Evil]

Boo hoo hoo, some dudes gonna get their inheritances taxed when tax cuts expire, boo hoo hoo.

As long as its not you right? Tax the shit out of my neighbor.. why should I care?

 

[theeedude]

Republicans want to build an aristocracy in this country where people who work for a living pay all the taxes, while people who invest for a living pay privileged dividend and capital gains taxes and get to give that money through generations tax free. So someone who works his way up from the ground, contributes to society, and reaps the rewards gets taxed 40%, but a someone who gets inheritance from his grandpa without lifting a finger pays nothing in taxes.

 

[theeedude]

Republicans want to build an aristocracy in this country where people who work for a living pay all the taxes, while people who invest for a living pay privileged dividend and capital gains taxes and get to give that money through generations tax free. So someone who works his way up from the ground, contributes to society, and reaps the rewards gets taxed 40%, but a someone who gets inheritance from his grandpa without lifting a finger pays nothing in taxes.

 

[daishi5]

If a parent gives a business to his children before he dies, do we tax the children on the value of the business?

 

[Pens1566]

Do you even read your own posts? You said thats because he made 900 million to 1.5 billion (Whatever the #) it SHOULD be taxed. I asked you where the cutoff is? Because YOUR implication was that because he made SO MUCH it obviously should be taxed. So where's the point where it becomes excessive?

You completely ignored my question by claiming that normal income isn't taxed that way (It certainly is, but lets just ignore your factual inaccuracy there). So why not tax everyone's estate no matter how small? Unless you are claiming the 600k exception or whatever it is at now is the cutoff? I wouldn't know because you won't answer the question.

Oh, ok. You want to play that game.

The reason there is a lower bounds is because at a certain level people would be unable to pay for it. I know its hard to believe but not everyone takes in $200k/yr.

Normal income has no upper bounds beyond which income is untaxable (which is what I meant and you fucking know it you intellectually dishonest oxygen thief), so this shouldn't either.

And btw, I generally ignore most of what you say as soon as I see your avatar.

 

[sandorski]

So are you saying it is moral to do so?

It is Amoral.

 

[Red Dawn]

So are you saying it is moral to do so?

Well if you go by Christian Morality it is.

Mark 10:25

"It is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God."
New Living Translation (©2007)

 

[sandorski]

life isn't fair.
too fucking bad.
stop complaining and make something of yourself instead.

So you're agreeing with him?

 

[Pens1566]

Well if you go by Christian Morality it is.

Mark 10:25

"It is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God."
New Living Translation (©2007)

Thats the republican equivalent of crossing the streams ... way to go.